World Economic Forum, what does it mean for South Africa in 2017?


This week, the news is abuzz with bulletins about the annual World Economic Forum happening in Davos, Switzerland. As we are all well aware a big spotlight is on South Africa and what our approach is, as we engage with; businessmen, foreign senior government officials, policy-makers and social advocates to tackle the biggest issues of our time.
Our Deputy President Cyril Ramaphosa, standing in for number one, has been in engaged in talks over the last few days and it seems as though the South African team is more confident and assured in their economic outlook. The projections may not be great but every small win accounts for a greater victory.
The direction, or rather key focus for South Africa would be firstly, how to deal with improving education and increase in human capital, which would result in stimulus in job growth. We need to become a society that moves towards a solution based system and Davos is a melting pot of thought leadership that can create platforms, where solutions can be filtered right down to the disadvantaged.
Highlighting further on the subject of solutions, an article written by two fellow academics succinctly researched and jointly combined a view that really delved into how South Africa could improve on increasing its growth. H, JV Rensburg and M, Struwig state that one of those ways is through sustainable reporting.
The idea is how sustainable reporting, can be used to “combine economic performance with social responsibility and environmental care.” What does this mean? Fundamentally, if companies poorly disclose their sustainability reporting, this leads to a decline in investments, and if the government now implements a system, where our initiatives are that of an international standard, it would force international companies to be more compliant and less lenient in our initiatives reporting.
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